XRP’s price jumped nearly 5% after the blockchain firm Ripple announced that it had acquired a 40% stake in Tranglo, one of Asia’s largest cross-border payment firms. The San Francisco-based blockchain company is planning to expand RippleNet’s On-Demand Liquidity (ODL) service through the latest partnership. Ripple aims to expand its services in Asia, and the recent acquisition will also play a major role in supporting the company’s existing corridors, such as the Philippines.
Tranglo is one of Asia’s largest cross-border payment firms.
Founded in 2008, Tranglo is a cross-border payment hub with a strong presence in the Southeast Asia region. The payment company has offices in Kuala Lumpur, Singapore, Jakarta, Dubai, and London. Ripple Labs has formed several partnerships since the start of 2021. The company announced earlier this month that it is testing a private version of the XRP Ledger to support central banks in the issuance of central bank digital currencies (CBDCs). The General Manager of RippleNet at Ripple said: “Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region.
Ripple continues to fight the lawsuit filed by the SEC.
As reported earlier, the legal battle between the U.S. SEC and San Francisco-based blockchain payments firm Ripple Labs has continued to heat up. In the latest turn of the events, the SEC has moved in court to stop Ripple executives’ motion to deny it access to their personal financial records. Earlier, the SEC had issued subpoenas to six banks that current and former CEOs, Brad Garlinghouse and Chris Larsen, have been using since 2013. The SEC had alleged that Ripple conducted an illegal security offering, which Ripple adamantly denies.